Global law firm Dentons has advised the management of Idealista on the EUR1.32 billion sale of the company to EQT, a Swedish-based global investment company. Headquartered in Madrid, Idealista is the leading online real estate classifieds platform in Southern Europe, and operates in Spain, Portugal and Italy.
The sellers were Apax Partners and Idealista’s management. Under the terms of the transaction, EQT will acquire majority ownership, while Idealista’s management will continue to lead the company and will reinvest in it.
The transaction is expected to close by the first quarter of 2021, subject to regulatory approvals in Spain, Italy and Portugal, as well as standard closing procedures.
Partner Jesús Durán, Head of Dentons’ Private Equity practice in Spain, led the deal with support from senior associate Jorge Carmona, associate Marina de Lara and junior associate María Clavell.
“We are delighted that Idealista’s management put their trust in us to advise them on this landmark deal. This proves once again that Dentons is the legal adviser of choice for high growth startups,” says Jesús Durán. “Despite the challenges of COVID-19, our team continues to assist clients with high value transactions. This is the second EUR1 billion-plus deal on which our team has advised since the beginning of the pandemic.”
In April this year, Dentons lawyers in London and Madrid advised the private equity purchasers on the GBP1.1 billion acquisition of Imperial Brands’ hand-rolled cigars business. The acquisition included the brands Cohiba, Montecristo and Romeo y Julieta.
